tag:www.econsultancy.com,2008:/topics/digital-strategy Latest Digital Strategy content from Econsultancy 2018-04-25T09:34:01+01:00 tag:www.econsultancy.com,2008:Report/4783 2018-04-25T09:34:01+01:00 2018-04-25T09:34:01+01:00 The Modern Marketing Guide to Organisational Structures <p>Many marketing leaders have been forced to rethink the structure of their marketing teams in order to take advantage of the new capabilities and tools that are available to the modern marketer. Many have also done so as a result of changes in the wider business landscape. In response to these changes, Econsultancy has published a new unifying framework for modern marketing called the Modern Marketing Model (M3). M3 is designed to reconcile classical and digital marketing and provides a clear reference to help clarify an organisation’s expectations of what the marketing function does.</p> <p>Econsultancy's 'The Modern Marketing Guide to Organisational Structures' report provides insight into the changing structure of the marketing organisation.</p> <p>The report has several objectives:</p> <ul> <li>To understand how companies are are structuring their marketing organisations to compete in this accelerated new world. This includes examining the remit of marketing in terms of its influence on leading organisational change.</li> <li>To examine common organisational structures and how these structures might be understood by marketing leaders through the lens of the Modern Marketing Model (M3).</li> <li>To suggest a number of ‘enlightened’ organisational structures that marketing leaders can use as frameworks for leading change within their own organisations.</li> </ul> <p>Econsultancy would like to thank the following people for their contributions to this report: </p> <ul> <li> <strong>Colin Lewis</strong>, CMO, OpenJaw Technologies</li> <li> <strong>Andy Evans</strong>, CMO, Sovrn</li> <li> <strong>Nancy Furber</strong>, Senior Marketing Services Manager, Cancer Research</li> <li> <strong>Neil McKinnon</strong>, Head of Marketing, Infectious Media</li> <li> <strong>Attila Jakab</strong>, CEO, Infectious Media</li> <li> <strong>Tom Daniell</strong>, Retail &amp; Marketing Director, Aviva</li> <li> <strong>Paul Jocelyn</strong>, FLPI, Jocelyn Consulting</li> <li> <strong>Simon Swan</strong>, Head of Digital Strategy &amp; Transformation, The Met Office UK</li> <li> <strong>Chris Dobson</strong>, Chief Executive, The Exchange Lab</li> <li> <strong>Mark Evans</strong>, Marketing Director, Direct Line</li> <li> <strong>Tony Preedy</strong>, Director of Marketing &amp; International Development, Lakeland</li> <li> <strong>Lawrence Mitchell</strong>, Chief Customer &amp; Marketing Officer, SumoSalad</li> <li> <strong>Russell Gould</strong>, CEO, Vesta Property (Based on DAB presentation in December)</li> <li> <strong>Alison Lancaster</strong>, Interim Marketing Director, House of Fraser (Based on DAB presentation in December)</li> <li> <strong>John Smith</strong>, Former COO, Burberry &amp; CEO, BBC Worldwide (Based on Oystercatchers Club event in January)</li> <li> <strong>John Rudaizky</strong>, Partner, Global Brand and Marketing Leader, EY (Based on Oystercatchers Club event in January)</li> <li> <strong>Frank Arthofer</strong>, Global Head of Digital and New Business, Formula 1 (Based on Oystercatchers Club event in January)</li> <li> <strong>Lindsay Pattison</strong>, Worldwide CEO, Maxus Global &amp; Worldwide Chief Transformation Officer, Group M (Based on Oystercatchers Club event in January)</li> <li> <strong>Neil Perkin</strong>, Founder, Only Dead Fish and Co-Author of Building the Agile Business</li> </ul> tag:www.econsultancy.com,2008:BlogPost/69956 2018-04-17T13:26:22+01:00 2018-04-17T13:26:22+01:00 Goldman Sachs buys personal finance & budgeting app to bolster its growing retail banking business Patricio Robles <p>Case in point: Goldman Sachs, which <a href="https://www.wsj.com/articles/goldman-sachs-comes-to-the-app-store-1523829570">just acquired</a> Clarity Money for a sum reported to be in the high eight figures.</p> <p>Clarity Money is the creator of a personal finance and budgeting app that helps its approximately one million users “take control of” their finances. To do that, it aggregates data from the accounts users give it access to and then analyzes that data “harness[ing] the power of artificial intelligence (AI), machine learning and data science.”</p> <p>The app allows users to set savings goals, highlights spending habits and overspending, identifies subscriptions that could be canceled, and suggests credit cards that might be a good fit.</p> <p><img src="https://assets.econsultancy.com/images/0009/3625/clarity.png" alt="" width="433" height="623"></p> <p>According to the Wall Street Journal, Clarity Money's app “is expected to serve as the smartphone storefront for Goldman's growing suite of retail products, which the Journal has reported could include wealth-management tools, home mortgages, point-of-sale loans and insurance policies.”</p> <p>Those retail products, which include high-yield savings accounts and personal loans, are being offered under the Marcus brand, which has acquired some 350,000 customers and originated $2.5bn in loans.</p> <h3>Customer acquisition <em>and</em> tech</h3> <p>Goldman believes that Marcus has the potential to become a far more substantial part of its business. How big? The firm reportedly believes that its personal loan offering has the potential to generate over $1bn in profit over the next three years – an amount equivalent to profits from its trading operations – and <a href="https://econsultancy.com/blog/69789-goldman-sachs-is-taking-a-fintech-approach-to-grow-its-consumer-lending-business">is taking a fintech-like approach to gaining traction in the market for point-of-sale consumer financing</a>, a $200bn a year business.</p> <p>But despite its lofty ambitions and process to date, Marcus' current numbers, however respectable, are a drop in the bucket for Goldman, which has been using direct mail to woo new customers, and that's where the Clarity Money acquisition comes in.</p> <p>Clarity Money's million users are all potential customers for Marcus, and if the financial giant is able to convert a good percentage of them, the acquisition could pay for itself quite quickly. </p> <p>But the acquisition isn't just about customer acquisition. As the Wall Street Journal notes, Marcus somewhat remarkably doesn't yet have any mobile apps. So if Goldman does indeed use Clarity Money as the “smartphone storefront” for Marcus, the acquisition will be a critical component of the Marcus business going forward, and one on which the Goldman's consumer venture's success or failure might rest.</p> <h3>A digital transformation study to watch</h3> <p>For that reason alone, Goldman's acquisition of Clarity Money could be one of the most important of 2018 to watch. Indeed, as the Wall Street Journal points out, other financial firms have purchased personal finance apps only to later shutter them. For example, <a href="https://econsultancy.com/blog/69874-capital-one-s-new-browser-extension-is-a-great-example-of-common-sense-fintech-innovation">Capital One</a> purchased Level Money in 2015 only to kill it off 18 months later, and Prosper ditched Billguard, which it purchased for $30m, after two years.</p> <p>If Clarity Money is to avoid that same fate, Goldman will have to navigate potential conflicts between its interest in growing Marcus and maintaining the neutral experience that Clarity Money's users signed up for. Specifically, Goldman could find it tricky to offer a Marcus-branded credit card, which it is reportedly considering, while maintaining the feature in Clarity Money that recommends credit cards based on users' finances and spending habits.</p> <p>How Goldman addresses this might provide a blueprint for other large banks as their relationships with fintechs are expected to <a href="https://econsultancy.com/blog/69680-fintechs-and-banks-to-partner-in-2018-thanks-to-open-banking">become a lot more cozy</a>.</p> tag:www.econsultancy.com,2008:BlogPost/69918 2018-04-05T15:21:05+01:00 2018-04-05T15:21:05+01:00 DBS Bank now earns twice as much income from digital customers Patricio Robles <p><a href="https://www.bloomberg.com/amp/gadfly/articles/2018-03-28/dbs-reckons-digital-push-can-bring-fintech-sized-returns">As detailed by</a> Bloomberg, the bank earns S$1,300 from those digital customers as compared to S$600 from traditional customers. What's more, those digital customers cost less to take care of as measured by cost-to-income. It takes S$468 to service a digital customer, 36% of income, compared to S$348 to service a traditional customer, or 58% of income.</p> <p>Overall, DBS Bank's return on equity, a key measure for banks, is nearly 10% higher for digital customers than it is for traditional customers. As Bloomberg's Andy Mukherjee noted, if the bank can grow its share of digital consumer and small business customers from 39% today to 50-60%, DBS could achieve a total return on equity 14.5%, an amount “unprecedented in DBS's history.”</p> <p>Such a return on equity would prove beyond a doubt that digital transformation is not something banks should invest in 'just because', but that it can be incredibly profitable.</p> <h3>A product of dedicated investment</h3> <p>DBS Bank's digital success isn't an accident. By 2015, the bank was on record as indicating that 99% of its customer interactions were driven in some fashion by technology. </p> <p>With that in mind, it shouldn't come as a surprise that DBS Bank has been investing heavily in recruiting digital talent, including web and mobile app developers and UI designers. It <a href="https://www.dbs.com/newsroom/DBS_first_in_Singapore_to_incorporate_hackathons_into_its_talent_development_programme">has even incorporated hackathons</a>, originally a startup invention, <a href="http://www.straitstimes.com/business/dbs-using-hackathon-to-hire-100-software-developers">to hire talent</a> and get its teams working alongside independent third-party developers.</p> <p>The bank's investments have produced a growing portfolio of digital assets, including what DBS Bank claims is the largest open API platform offered by any bank in the world.</p> <p><img src="https://assets.econsultancy.com/images/resized/0009/3279/dbsapi-blog-flyer.png" alt="" width="470" height="237"></p> <p>When it launched that platform, which has over 150 APIs covering functionality such as funds transfers, mobile wallets, rewards and real-time payments, David Gledhill, DBS Bank's CIO, <a href="https://bankinnovation.net/2017/11/singapores-dbs-bank-launches-worlds-largest-api-platform/">stated</a>:</p> <blockquote> <p>DBS embarked on a journey to transform our tech infrastructure nine years ago. With that early start, we are now ahead of many others in being digital to the core. This has given us an edge – enabling us to operate with fintech-like agility and nimbleness, and also platform-like inclusiveness. This will be transformative in ways not imagined previously, both for the customer and the bank.</p> </blockquote> <p>Many companies, from major multinationals to startups, have integrated with DBS Bank's API platform. For example, McDonald’s is using DBS Bank's APIs to integrate PayLah!, the bank's mobile wallet, as a cashless payment option. And Activpass, a fitness, wellness and beauty startup, has integrated DBS Bank's rewards program into its app so that customers can redeem their DBS Points to pay for services.</p> <h3>The new fintech landscape</h3> <p>Although it's still ongoing, DBS Bank's already successful digital transformation reflects the new fintech landscape in which many of the biggest gains are now being notched by established institutions that have invested wisely in technology and <a href="https://econsultancy.com/blog/69874-capital-one-s-new-browser-extension-is-a-great-example-of-common-sense-fintech-innovation">digital customer experiences</a>.</p> <p>From <a href="https://econsultancy.com/blog/69782-fintech-propels-quicken-loans-above-wells-fargo-in-mortgage-originations">Quicken Loans overtaking perennial leader Wells Fargo in mortgage originations</a> to <a href="https://econsultancy.com/blog/69789-goldman-sachs-is-taking-a-fintech-approach-to-grow-its-consumer-lending-business">Goldman Sachs' expectation that it will be able to generate $1bn in revenue</a> from its new online consumer lending business over the next three years, any doubts that established financial institutions are capable of catching up and becoming digital innovators have been erased. Startups and institutions that haven't been investing should take note.</p> tag:www.econsultancy.com,2008:BlogPost/69892 2018-03-26T15:00:00+01:00 2018-03-26T15:00:00+01:00 How managing your customer's 'top tasks' can deliver a better experience Chris Rourke <p>In usability tests, we see a recurring problem: people unable to find what they seek due to irrelevant information getting in the way and poorly labeled links.    </p> <h3>The accidental haystack</h3> <p>Piling on more content increases the haystack within which a visitor tries to find their needle - that is, the specific task they came to do.</p> <p><img src="https://assets.econsultancy.com/images/0009/3174/hay_stack.jpg" alt="Haystack represnting website content" width="500" height="335"></p> <p>Why does this happen? There are a few reasons, including internal pressures to promote certain content.</p> <p>Even allowing everyone to access the content management system, which sounds wonderfully democratic since everyone can publish what they want, often results in trivial or redundant content getting in the way of users performing their tasks. </p> <p>If your key management metric is simply <em>the number of pages on our site</em>, or <em>the number of different pages visited on the site</em>, just adding more content may look like a great success.  If your success metric is <em>the percentage of people able to do what they want to on our site</em>, constantly adding content may well be less successful.   </p> <p>Many also find it easier to add content than to remove it. Indeed, removing things can often be met with resistance: </p> <ul> <li><em>"We've got a team of content writers and they worked really hard creating that. So we must keep it on the site."</em></li> <li><em>"Look, the analytics show that 7 people visited that page last year - we can't let them down."</em></li> <li><em>"Yes, but those pages were Mr. McManager's idea. He's important so better let's not touch it."</em></li> </ul> <p>It's worth considering what a site's content is actually for. After all, a great webpage is not something to simply look at - it's something to do practical things with.</p> <p>Great customer experiences happen when people can easily perform their tasks such as finding information, downloading something, getting in touch, buying something, comparing, deciding and more. Let your customers do these easily and they will come back repeatedly.</p> <h3>All tasks are not created equal</h3> <p>Most sites have so many things that can be done on them it is hard to decide which ones to prioritise. Some things - the 'top tasks' - are very important for many people and add great value to the site and user experience.</p> <p>Typically, there are also many relatively unimportant tasks that add far less value. However, these 'tiny tasks' are often given undue prominence which can lead to competing links and calls to action.</p> <h3><strong>How to discover your users' tasks </strong></h3> <p>Using an approach called top task management helps to identify and focus on what really matters to customers to reduce complexity and improve customer experience. </p> <p>A first step is to perform a <a title="Top Task ID" href="http://www.customercarewords.com/services/customer-top-task-identification/">top tasks identification</a>, an innovative user research method developed by <a href="http://gerrymcgovern.com/">Gerry McGovern</a>.  This is performed over several steps that lead to a poll asking site visitors and other customers to select their most important tasks with the organisation.  </p> <p>Each participant votes on their top five tasks from a randomised list of potential tasks for the site. The data typically shows a pattern of four to six top tasks getting about 25% of the votes, with the remainder extending into a 'long tail' of tiny tasks. An example of this is seen in the results for the European Commission which also <a href="http://ec.europa.eu/ipg/basics/web_rationalisation/top_tasks_en.htm">described in detail</a> their process and results. </p> <p><img src="https://assets.econsultancy.com/images/0009/3173/27051533798_e9f019e23a_z.jpg" alt="top tasks analysis showing 6 tasks that take 25% of the vote" width="640" height="323"></p> <p>Information such as this helps organisations review their navigation information architecture, re-prioritise their content and ensure that their site supports the users' top tasks. This gives you the best of both worlds: better access to the top tasks and clear signposting to everything else through user-centred navigation.</p> <p>And if some content needs to be removed, you have a solid basis to make those decisions based on the user task priorities.</p> <p>The effects can be significant. Liverpool City Council redesigned its site after identifying their customers' top tasks and reduced the site from 4,000 pages to 700. This delivered a 400% increase in people transacting online and substantially fewer support phone calls. This was a powerful result for a local council needing to save money by making better use of its website. </p> <p>Top task management provides insightful results that can be applied to make a real difference to that very important performance metric – your customers' ability to do what they want on your site.</p> <p>As a customer experience method, top tasks management has proven very useful for redesigning digital services around the users' needs, especially for large, information-heavy sites or intranets supporting lots of tasks for a wide variety of users.</p> tag:www.econsultancy.com,2008:Report/4744 2018-03-22T10:00:00+00:00 2018-03-22T10:00:00+00:00 Digital Intelligence Briefing: 2018 Digital Trends in IT <p>The <strong>2018 Digital Trends in IT </strong>report, based on the eighth annual trends survey conducted by Econsultancy and <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, explores the digitally-driven opportunities and challenges facing organisations from the perspective of IT professionals, looking at both internal business factors and external technological and consumer trends.</p> <p>The research is based on a sample of almost 400 senior IT leaders (manager level or above) who were among around 13,000 digital professionals taking part in the annual Digital Trends survey carried out at the end of 2017 and start of 2018.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>The need for scalable, enterprise digital experience platforms</li> <li>The internal focus: digital transformation and workflows</li> <li>Managing the existential threat… and embracing the opportunities</li> <li>Actionable tips to help future-proof your IT function</li> </ul> <h3>Findings include:</h3> <ul> <li> <strong>IT executives preoccupied by need to keep up with customer expectations.</strong> The high proportion (39%) of IT respondents that cite <em>keeping up with changing customer expectations and behaviour</em> as one of their top external challenges demonstrates the increased customer centricity of a new breed of CIO.</li> <li> <strong>Security is still the biggest headache for IT professionals.</strong> As was the case last year, security is the main preoccupation for IT executives in terms of external threats, with respondents most likely to cite the <em>threat of security breaches and cyber-risk threats</em> as a challenge (42% compared to 41% in 2017).</li> <li> <strong>Legacy systems are the greatest obstacle to digital transformation.</strong> The most significant in-company barrier to driving digital transformation is the integration of legacy systems with new technology, cited as a top-three challenge by 45% of respondents, up from 41% last year.</li> <li> <strong>Enterprise CIOs identify requirement for extensible digital platforms.</strong> Extensible digital platforms are the top priority for IT executives at larger organisations, with well over half (57%) ranking this as a top-three priority for 2018. This compares to 42% for <em>security of data</em>, and the same percentage for <em>joining up data to achieve a single view of the customer</em>.</li> <li> <strong>Companies struggle to master workflow capabilities.</strong> Fewer organisations than last year are taking a range of initiatives to improve workflows against the backdrop of tighter security and compliance requirements that companies are typically working towards. Just under half (48%) of respondents say they are <em>switching to paperless, digital end-to-end workflows</em>, compared to exactly half last year.</li> <li> <strong>IT executives focus on real-time personalised experiences, AI and the Internet of Things as exciting opportunities. </strong>IT professionals are most likely to see the delivery of personalised experiences in real time as the most exciting prospect in three years’ time, ahead of other technological innovations such as the Internet of Things, artificial intelligence, virtual or augmented reality, voice interfaces and payment technologies.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:www.econsultancy.com,2008:BlogPost/69874 2018-03-16T15:32:47+00:00 2018-03-16T15:32:47+00:00 Capital One's new browser extension is a great example of common-sense fintech innovation Patricio Robles <p>The new browser extension aims to help customers avoid one of the biggest problems cardholders face: fraud.</p> <p>It works by detecting when a user is on a checkout page and automatically creating a one-off virtual credit card number to complete that specific purchase. By using a unique virtual credit card number for each individual purchase, users can be more easily protected from data theft and in the case of a recurring payment, they can more easily prevent a merchant from billing them in the future without their authorization.</p> <p><img src="https://assets.econsultancy.com/images/0009/2948/eno.png" alt="" width="700" height="525"></p> <h3>Innovation doesn't have to be complicated</h3> <p>As TechCrunch's Sarah Perez <a href="https://techcrunch.com/2018/03/09/capital-ones-shopping-assistant-eno-can-now-dole-out-virtual-card-numbers-in-the-browser/amp/">noted</a>, virtual credit card numbers are not new. Major card issuers, including Citi and Bank of America, offer them and Capital One introduced them late last year.</p> <p>Not too long ago, virtual card numbers were a selling point for a number of fintech startups. For example, a venture-backed startup called Final, which billed itself as “a credit card built for the 21st century”, made virtual card numbers a central feature of its service.</p> <p>Obviously, the barrier to offering virtual card numbers is extremely low, which is why Capital One's Eno browser extension is so important. Specifically, it is unique in that it automatically detects checkout pages and creates the virtual numbers without users having to do so manually. The need to manually create numbers is a significant source of friction that results in virtual credit card numbers not being used as frequently as they could be.</p> <h3>Innovation and competitive advantage</h3> <p>Will Capital One's Eno browser extension give the company a competitive advantage? That remains to be seen. Certainly, fintechs as well as other major card issuers are capable of building similar browser extensions. </p> <p>But this is a good example of how established financial institutions can innovate without having to build complex new technologies. Even if the functionality in the Eno browser extension eventually becomes ubiquitous, there's potentially significant value for Capital One if it can market it effectively to cardholders and drive adoption.</p> <p>After all, even if Eno doesn't drive new cardholder acquisition, it can improve cardholder experience by helping cardholders mitigate against fraud headaches and help Capital One reduce the costs associated with fraud. That's a fintech win-win.</p> <p><em><strong>More on fintech:</strong></em></p> <ul> <li><a href="https://econsultancy.com/blog/69851-amazon-is-looking-to-partner-with-a-bank-to-offer-checking-accounts">Amazon is looking to partner with a bank to offer checking accounts</a></li> <li><a href="https://econsultancy.com/blog/69824-how-can-financial-services-companies-win-featured-snippets-in-search-an-investigation">How can financial services companies win featured snippets in search? An investigation</a></li> </ul> tag:www.econsultancy.com,2008:BlogPost/69867 2018-03-14T14:30:00+00:00 2018-03-14T14:30:00+00:00 How healthcare companies are getting creative to acquire data Patricio Robles <p>Here are five examples of how healthcare companies are acquiring data.</p> <h3>Roche bought an EHR</h3> <p>Last month, Swiss pharma giant Roche <a href="https://www.roche.com/media/store/releases/med-cor-2018-02-15.htm">announced</a> that it is acquiring health technology company Flatiron Health for $1.9bn. Flatiron Health, which Roche already owned a minority stake in, is the maker of an electronic health record (EHR) platform that is specifically tailored to the needs of oncology providers.</p> <p>Because of its oncology focus, Flatiron Health was in a unique position to collect data that could be used for cancer research, and that was a key reason, if not the primary reason, that Roche shelled out $1.9bn to buy the company.</p> <p>As Roche CEO Daniel O'Day explained, "This is an important step in our personalised healthcare strategy for Roche, as we believe that regulatory-grade real-world evidence is a key ingredient to accelerate the development of, and access to, new cancer treatments. As a leading technology company in oncology, Flatiron Health is best positioned to provide the technology and data analytics infrastructure needed not only for Roche, but for oncology research and development efforts across the entire industry."</p> <h3>UnitedHealthcare is paying its customers to use a fitness tracker</h3> <p>In early 2017, UnitedHealthcare, one of the largest health insurers in the U.S., <a href="https://www.cnbc.com/2017/01/05/unitedhealthcare-and-fitbit-to-pay-users-up-to-1500-to-use-devices.html">began a wellness program called Motion</a> that paid individuals it insures up to $1,500 to complete fitness goals while wearing a Fitbit device. Just this month, it was reported that UnitedHealthcare <a href="https://www.marketwatch.com/amp/story/guid/5A4DE17E-225F-11E8-8157-A2A536BAD589">expanded the program</a> to include Apple wearables, namely the Apple Watch.</p> <p>While the primary goal of the UnitedHealthcare Motion program is to reduce the company's costs by encouraging its insured to live healthier lifestyles, make no doubt about it: the tracking data it gathers from participants could be worth its weight in gold. For example, by correlating fitness tracking data with costs and demographic information, the company could develop more robust wellness models and programs.</p> <h3>Genentech and Pfizer partnered with 23andMe</h3> <p>Genetic testing and analytics company 23andMe gives individuals the ability to learn about their ancestry, genetic health risks and overall wellness through a simple saliva test.</p> <p>Not surprisingly, many people are interested in learning more about who they are genetically and that has helped the company collect more than 2m samples, giving the company a database of genetic information that is extremely attractive to pharma and biotech companies.</p> <p>The pharmas and biotechs that 23andMe has worked with include Pfizer, <a href="https://www.bloomberg.com/news/articles/2015-01-12/23andme-gives-pfizer-dna-data-as-startup-seeks-growth">which acquired 23andMe DNA data</a> "to help find new targets to treat disease and to design clinical trials", and Genentech, which partnered with the Google-backed company <a href="https://www.forbes.com/sites/matthewherper/2015/01/06/surprise-with-60-million-genentech-deal-23andme-has-a-business-plan/">to conduct in-depth research on Parkinson's</a>.</p> <h3>Amgen got cozy with an insurer</h3> <p>For pharmas looking to acquire data, partnerships with health insurers are an obvious fit for a number of reasons, including the fact that insurers have access to large patient populations.</p> <p>An example of a pharma-insurer tie-up can be seen with Amgen, <a href="http://www.pmlive.com/pharma_news/amgen_real_world_study_and_mobile_data_partnership_1203895">which teamed up with Humana</a>, a large American insurer, to create research initiatives targeting multiple conditions by applying technologies like wearables, mobile apps and Bluetooth-enabled drug delivery services.</p> <h3>Boehringer Ingelheim integrated a sensor from Propeller Health into an inhaler</h3> <p>One of the biggest challenges in the healthcare industry is getting patients to take their medicine. In an effort to better understand how patients interact with its products, Boehringer Ingelheim partnered with digital asthma and COPD management platform Propeller Health to create a sensor that attached to one of its inhalers.</p> <p>The sensor enabled Boehringer Ingelheim to collect data about usage, not only helping the company identify reasons for nonadherence but to develop ways to help encourage adherence.</p> <p>As Propeller Health CEO David Van Sickle <a href="http://www.mobihealthnews.com/36942/boehringer-ingelheim-propeller-health-team-up-for-sensor-enabled-inhaler-pilot">explained</a>:</p> <blockquote> <p>It means things like being able to deliver subtle audiovisual cues when the medication hasn't been used and the time for a dose has passed. Or predicting when someone is leaving their home and giving them an alert so they can take a moment to go back and get their morning dose. It means the sensors sort of knowing how much medication is remaining and suggesting an appropriate time for refilling the prescription. And it means thinking about ways to put information about the daily use of these medications to work, to think of ways we can reward individuals intrinsically and extrinsically to motivate better adherence.</p> </blockquote> <p>Similar approaches <a href="https://clinicaltrials.gov/ct2/show/NCT02593032">are being explored</a> for treatments delivered in pill form and if the research proves that adherence is improved, expect to see connected inhalers and pillboxes become common.</p> <p><em>To learn more about digital transformation in Pharma, join us at ePharma in New York on March 21-23. Our VP of Research Stefan Tornquist will be discussing the future of digital and marketing with Anthony Lambrou, Director of Corporate Strategy and Innovation at Pfizer, as well as hosting a roundtable for you to learn, share and connect with fellow pharma marketers. Find out more and secure your spot:</em></p> <ul> <li><em><a href="https://lifesciences.knect365.com/epharma/agenda/3#epharma-roundtable-digital-transformation-to-future-proof-your-marketing">ePharma Roundtable: Digital Transformation to Future-Proof Your Marketing</a></em></li> <li><em><a href="https://lifesciences.knect365.com/epharma/agenda/3#main-stage-keynotes_the-future-of-digital-and-marketing">The Future of Digital and Marketing</a></em></li> </ul> tag:www.econsultancy.com,2008:BlogPost/69855 2018-03-12T13:30:00+00:00 2018-03-12T13:30:00+00:00 Employer-sponsored healthcare initiatives will create new opportunities for pharmas & medical device companies Patricio Robles <p>Combined, the four companies have over a million employees and are thus exposed to the rising costs of healthcare that have been plaguing the United States for years. Warren Buffett, one of the world's richest people and the CEO of Berkshire Hathaway, didn't mince words when discussing the cost of healthcare: “the ballooning costs of healthcare act as a hungry tapeworm on the American economy.” </p> <p>Detailed information about how these initiatives will function is limited, but what is known is that both will rely heavily on technology.</p> <p>The press release announcing the Amazon-Berkshire-JPMorgan venture stated “the initial focus of the new company will be on technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.” <a href="https://www.acwellness.com/">A website for AC Wellness</a> reveals “AC Wellness Network believes that having trusting, accessible relationships with our patients, enabled by technology, promotes high-quality care and a unique patient experience.”</p> <h3>An imperative for pharma and medical device companies</h3> <p>While it's too early to speculate about the impact these employer-sponsored initiatives will have on the broader healthcare market, it's not too early for pharma and medical device companies to start thinking about how these tech-focused initiatives will affect their businesses.</p> <p>Specifically, as employers seek to improve the quality of care their employees receive while at the same time reducing costs, pharma and medical device companies should consider that their opportunity to participate in these ventures could very well be based on the digital and technology assets they develop:</p> <p><strong>Information</strong></p> <p><a href="https://econsultancy.com/blog/67131-pharma-s-mobile-social-efforts-aren-t-as-healthy-as-they-should-be">According to </a>Deloitte Consulting and the Gerson Lehrman Group (GLG), 84% of physicians say that that efficacy and outcome data, as well as clinical guidelines, influence their drug utilization decisions. 65% of physicians are interested in interacting with pharma around this type of content, which could include clinical trial data, updates on new studies and comparative effectiveness information.</p> <p>The implication is clear: pharmas with a large bank of content will be increasingly attractive partners.</p> <p><strong>Data</strong></p> <p>For obvious reasons, data is one of the most valuable assets, if not <em>the</em> most valuable asset, in healthcare today. Pharma and medical device companies that are well-positioned to generate and share data, as well as to consume and analyze it, will likely have significant advantages in forging relationships with employer-sponsored healthcare ventures.</p> <p><strong>Platforms</strong></p> <p>It is likely that employer-sponsored healthcare ventures will employ existing or new technology platforms. Pharma and medical device companies should be prepared to integrate with them.</p> <p>The good news is that many pharma and medical device companies have already started investing in the above and as more and more employers launch their own healthcare initiatives, pharmas and medical device manufacturers will find that they have new opportunities to make their investments pay. </p> <p><em>To learn more about digital transformation in Pharma, join us at ePharma in New York on March 21-23. Our VP of Research Stefan Tornquist will be discussing the future of digital and marketing with Anthony Lambrou, Director of Corporate Strategy and Innovation at Pfizer, as well as hosting a roundtable for you to learn, share and connect with fellow pharma marketers. Find out more and secure your spot:</em></p> <ul> <li><em><a href="https://lifesciences.knect365.com/epharma/agenda/3#epharma-roundtable-digital-transformation-to-future-proof-your-marketing">ePharma Roundtable: Digital Transformation to Future-Proof Your Marketing</a></em></li> <li><em><a href="https://lifesciences.knect365.com/epharma/agenda/3#main-stage-keynotes_the-future-of-digital-and-marketing">The Future of Digital and Marketing</a></em></li> </ul> tag:www.econsultancy.com,2008:TrainingDate/3489 2018-03-08T13:56:51+00:00 2018-03-08T13:56:51+00:00 MarTech - Getting to grips with Marketing Technology <p>Amazing opportunities are presented by the latest generation of MarTech (Marketing technology) – but the landscape can be very confusing!</p> <p>During our 1-day course, you’ll learn about Martech in a way that will allow you to have better and more confident discussions with vendors and IT colleagues. </p> <p>You won’t become a technical expert overnight – but you’ll know far more about how these technologies could benefit your marketing efforts.</p> tag:www.econsultancy.com,2008:BlogPost/69852 2018-03-08T13:15:00+00:00 2018-03-08T13:15:00+00:00 Will digital phenotyping ever be applied to pharma marketing? Patricio Robles <p>While pharma marketers have lots of room for improvement in terms of how they connect to professionals and consumers online, they're increasingly active in digital channels ranging from search to social.</p> <p>Through these digital channels, pharma marketers have the opportunity to connect healthcare professionals and consumers to content and resources that are relevant to conditions they treat, are being treated for, or need treatment for.</p> <p>Of course, thanks to regulations like <a href="https://econsultancy.com/blog/67498-digital-media-vs-hipaa-violations-risking-your-reputation-in-healthcare">HIPAA</a>, pharma marketers are far more limited in how they can target their digital ads. Use of first-party data is generally a no-no, and some otherwise commonly-used types of remarketing are also often not permissible.</p> <p>This makes it more difficult for pharma marketers to reach the specific people they want to reach. So they develop campaigns that are less granularly targeted and thus often more expensive. They purchase ads against specific condition-related terms. And so on and so forth.</p> <p>But in the not too distant future, is it possible that pharma marketers will have access to targeting solutions based on digital phenotyping?</p> <p>As the New York Times <a href="https://www.nytimes.com/2018/02/25/technology/smartphones-mental-health.html">recently detailed</a> in a piece about digital phenotyping, which one study defined as “moment-by-moment quantification of the individual-level human phenotype in situ using data from personal digital devices, a growing number of tech companies and researchers “are tracking users' social media posts, calls, scrolls and clicks in search of behavior changes that could correlate with disease symptoms.”</p> <p>Much of the exploration of digital phenotyping to date has focused on mental illness and mood disorders. For instance, Mindstrong Health, a mental health startup, is analyzing smartphone usage in an attempt to detect signs of depression. And Facebook is already using artificial intelligence to scan content posted by users for signs of suicidal thought. In some cases, it has used its technology to display notifications or to alert local authorities so they can follow up and intervene if necessary.</p> <p>While there are significant questions about the accuracy of digital phenotyping, it's not difficult to see the potential for it to also be applied to digital marketing, giving pharma marketers the ability to target consumers on more than just demographics, stated interests, search keywords and the like.</p> <h3>The big question: will this ever happen?</h3> <p>That isn't clear. Facebook, for instance, <a href="https://www.statnews.com/2016/11/01/facebook-pharma-drug-ads/">has been vying for pharma ad dollars</a>, apparently with mixed success. The social media giant late last year <a href="https://www.cnbc.com/2017/09/07/facebook-held-a-breakfast-to-promote-clinical-trials-strategy.html">held an event</a> to pitch pharma marketers on the use of Facebook to target users for clinical trials. At that event, it reportedly indicated that it would not allow pharma marketers to target users based on health conditions.</p> <p>Facebook's stance makes sense. Allowing pharma marketers to target its users based on conditions the social network knows or thinks they have would almost certainly lead to a PR backlash. There would no doubt be calls for legal and regulatory action. In Europe this sort of profiling is regulated by the new <a href="https://econsultancy.com/hello/gdpr-for-marketers/">GDPR</a>.</p> <h3>A reminder of the value of digital data</h3> <p>While it's possible that other players in the digital advertising ecosystem might be more willing than Facebook to apply digital phenotyping to marketing solutions – there is already a sizable and growing market for <a href="https://www.mediapost.com/publications/article/312819/in-pharma-marketing-programmatic-offers-solutions.html">third-party data</a> – one of the most important take-aways for pharma marketers in the rise of digital phenotyping is that digital data is extremely valuable and might prove even more valuable than previously thought.</p> <p>Pharma marketers should keep this in mind as they develop homegrown digital initiatives.</p> <p><em>To learn more about digital transformation in Pharma, join us at ePharma in New York on March 21-23. Our VP of Research Stefan Tornquist will be discussing the future of digital and marketing with Anthony Lambrou, Director of Corporate Strategy and Innovation at Pfizer, as well as hosting a roundtable for you to learn, share and connect with fellow pharma marketers. Find out more and secure your spot:</em></p> <ul> <li><em><a href="https://lifesciences.knect365.com/epharma/agenda/3#epharma-roundtable-digital-transformation-to-future-proof-your-marketing">ePharma Roundtable: Digital Transformation to Future-Proof Your Marketing</a></em></li> <li><em><a href="https://lifesciences.knect365.com/epharma/agenda/3#main-stage-keynotes_the-future-of-digital-and-marketing">The Future of Digital and Marketing</a></em></li> </ul>